Buying “off the plan” means precisely what the term suggests, buying a property that has not been built yet or is still in development. There are plenty of benefits as to why people buy off-plan. But at the same time, you might want to do your due diligence and ask the right questions before signing any contract. Here is what you need to ask before committing to an off-plan property purchase contract.
What does your lawyer think?
Get your lawyer to review the agreement carefully and make sure that there aren’t any unusual conditions and costs that you are not aware of. One or more lawyers assemble every off-plan property purchase contract. You might find legal terms that might sound unfamiliar or unclear to you. By involving your lawyer, you make sure that the agreement covers your basis and doesn’t contain anything that goes against your interests.
Make sure that the lawyer explains to you what happens if there are delays, what if the developer runs out of funding, and whether there is an exit clause in case you change your mind.
Does your developer have a successful track record?
Ask your developer about their past projects, did they complete all of them, and were there any delays or were they completed on time – things like that. Furthermore, you can use the internet to track your developer’s past projects and check how things were done. If there were any issues, then rest assured that you will find them online.
How do I know that the completed project will match the agreed quality standards?
It’s essential to invest in developments that are covered by warranty. If you find some issues with the property than an independent resolution service will come and resolve the matter.
Incentives for buying off-plan
There are incentives for buying off-plan. However, that can vary from one development to another, as well as the progress of the project and if you qualify for incentives.
Typically, all the fixtures and finishes will be described in your contract. You need to carefully examine what is going to be included, all the way to the first and second choices for appliance brands. Check if there are any potential costs for additional finishes and fixtures. What if some of the appliances that are put in place are not up to scratch and could cost you more than your estimated budget.
What about making custom changes?
Generally speaking, you will be given absolute freedom about your property. But again, you need to go through all that with your developer and understand what is possible and what is not. Injecting some personality in the space is excellent, but to what extent?
Buying Off plan is great, but do your homework and check everything before committing to anything. Don’t forget to get an opinion from your lawyer and ask as many questions as you can think of. That way no stone is left unturned, and you can be sure that you will get the promised property.